The Holland-based Macatawa Bank on Monday night reported net income for the first quarter of $2.86 million, or 34 cents per share, up nearly 2 percent from the $2.81 million, or 34 cents per share, in the first quarter of 2003.
Total assets grew 20 percent from year-ago levels, from $1.2 billion to $1.45 billion, and total deposits were up nearly 15 percent, from $965.5 million to $1.1 billion.
Macatawa, with 21 bank branches in Ottawa County, Kent County and northern Allegan County, opened more than 5,000 new checking accounts in the first quarter, more than double that of a year ago.
“It is expected that, as these new accounts develop into more full relationships, they will further contribute to deposit growth,” the company said in an earnings statement issued Monday afternoon.
Total loans as of March 31 were up more than 20 percent, from $1.01 billion to $1.22 billion, over the same period a year ago. Loans grew by $63 million alone in the first quarter over the fourth quarter of 2003, for an annualized growth rate of 23 percent.
“Our existing and new customers continue to respond well to our lending approach, which involves not only satisfying their lending needs but also helping them succeed financially with a wide array of financial products and services,” Chairman and CEO Ben Smith said. “Our current branch network has great capacity, so as we continue to grow, we expect profitability to improve. We are well positioned for increases in net interest income as the economy improves and short-term interest rates begin to rise. With these opportunities and others, we expect that 2004 will continue to be another great year for Macatawa.”